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tradetechnicalanalyst

Nifty Price action under election Year cues.

Long
Nifty 50 Index (NSE:NIFTY)  
tradetechnicalanalyst Updated   
NSE:NIFTY   Nifty 50 Index
Trend Analysis Chart Patterns Technical Indicators niftytrend nifty50 BANKNIFTY HDFCBANK RELIANCE Fibonacci Retracement supportandresistancezones pattern trendlineanalysis
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trendanalysis chartpattern indicator niftytrend nifty50 banknifty hdfcbank reliance fibonacciretracement supportandresistancezones pattern trendlineanalysis
Nifty next up move will come when it close above 22150 on monthly chart.
Empirically, in General election year, Nifty has a tendency to bottom out in Feb-March, followed by minimum 12-16% rally towards General election outcome in each of seven instances over past three decades.
As per chart nifty may be bottom out near levels 21120-20850 in upcoming days.
So, buy on dip approach may work for the investors.

Next target for Nifty after bottom out would be 24700 in May-June 2024.
Trade active:
Nifty break 21600 low 21578
enjoy the gain

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